Here’s a breakdown of how a statement for a typical accumulation-style super fund may look. But if your super is set up differently, your statement may show different types of information - so ask your financial planner for assistance.

Your statement will show your super balance, which is how much you have in your account. You’ll also see a breakdown of all the amounts that have been added to your account (credits) and taken out (debits).

Credits include:

• compulsory employer contributions (eg Super Guarantee)
• voluntary employer contributions (eg salary sacrifice)
• personal contributions  
• government contributions
• spouse contributions, and
• earnings on your investments.
   

Debits include:

• lump sum withdrawals
• administration and investment fees
• insurance premiums
  
• negative returns on your investments, and
  
• tax – usually 15% of your contributions and up to 15% on the investment earnings applied to your account.

You can see how much of your money is invested in different asset classes such as cash, fixed interest, property and shares – either as a percentage of your total balance or a dollar value. Your individual rate of return refers to how much your investments have earned overall since your last statement.

Your statement may also summarise the expected annual return rates on your investments over a longer period – for instance 3, 5 or 10 years – so you can formulate a long-term investment strategy with your financial planner.

Many super funds offer their members personal insurance, which typically covers against death or total and permanent disability (TPD). Some funds also offer income protection insurance. If you have insurance cover through your super, you’ll see the amount you’re insured for and how much you’ve paid for your premiums.

The beneficiaries listed on your statement are the people you’ve chosen to receive your super and insurance benefits when you die. If you haven’t made a ‘binding’ or ‘non-lapsing’ death benefit nomination, these might not be distributed according to your wishes – so it’s a good idea to speak to your financial planner right away.

Talking to a financial planner can help you understand your situation and make confident financial decisions (big or small) so you can get the most out of life. If you’re uncertain about any part of your super statement, they can explain anything you don’t understand, so you can take control of your finances.